Pfizer raises 2026 outlook on Eliquis and Padcev strength

Pfizer lifts full-year targets

Pfizer raised its 2026 revenue and adjusted earnings forecasts on Nov. 3, citing strong quarterly performance and confidence in its strategy, pipeline and long-term growth prospects. The company now expects revenue of $62 billion to $64 billion, up from $60.5 billion to $62.5 billion, and adjusted earnings of $2.95 to $3.05 per share, up from $2.80 to $3.00.

The revised outlook compares with average analyst estimates of $62.17 billion in revenue and $2.96 in annual per-share profit. The earnings figure in Pfizer’s outlook is adjusted and should not be treated as a GAAP measure.

Eliquis and Padcev lift quarterly results

Strong demand for the blood thinner Eliquis and the recently acquired cancer drug Padcev led to third-quarter results above Wall Street expectations. Eliquis sales rose 25% to $2.52 billion, above an estimated $2.46 billion, which Pfizer attributed to higher net pricing in the United States.

Pfizer reported adjusted quarterly profit of 87 cents per share, 14 cents above the analyst estimate based on LSEG data. Revenue totaled $16.58 billion, compared with analysts’ estimate of $15.87 billion.

Acquired medicines support the current outlook

Pfizer has spent billions on acquisitions and licensing agreements to strengthen its pipeline amid looming patent expirations and declining sales of COVID-19 products that had generated pandemic-era revenue. The company paid $43 billion in 2023 for Seegen and $10 billion last year for obesity-drug developer Metsera.

Bernstein analyst Courtney Breen said acquired products were contributing increasingly, while Pfizer’s longer-term growth still depended on the success of experimental treatments in its pipeline. The reported Eliquis and Padcev performance supports the company’s raised near-term outlook, but does not establish the future success of those experimental treatments.

Pipeline milestones remain ahead

Pfizer said late-stage data for experimental cancer drug mevrometostat, previously expected by the end of 2026, is now anticipated in the first quarter of 2027. Investors were also watching for early results from Metsera’s amylin-based obesity drug. These remain future development milestones rather than disclosed outcomes.

Pfizer also appointed Cecile Guegan as chief financial officer, effective Nov. 1, succeeding Dave Denton, who left in August for a similar role at Nike. BMO Capital analyst Evan Seigerman said the appointment could provide more perceived stability before decisions on 2027 guidance.